Press release -
Morrow Batteries raises up to EUR 70 million in new capital from its owners
Morrow Batteries ASA ("Morrow") is raising up to EUR 70 million (approximately NOK 800 million) through a private placement guaranteed by the company's largest owners. The raise in two tranches provides the company with capital to continue its development of next-generation sustainable batteries and brings Morrow closer to commercial production. The company's extraordinary general meeting on September 22 approved the private placement.
"Responding to Norway's battery strategy, we continue pursuing private and public funding. Solid and committed owners are essential for our growth – especially in a challenging capital market. We are grateful to our owners and their commitment to our business strategy and organisation to produce world-class, sustainable batteries at scale with strong shareholder returns," says Lars Christian Bacher, CEO of Morrow Batteries.
The extraordinary general meeting of Morrow Batteries approved the first tranche on September 22. The second tranche will be proposed for approval later this fall.
Commencement of production at the company's first GWh cell factory in Arendal is anticipated early next year, and the project has garnered significant interest. The new funds will primarily be allocated to support continued growth and the construction and development of the Morrow Industrialization Center on the Battery Coast of Southern Norway.
All existing shareholders are invited to participate in the capital raise on equal terms. Major shareholders Å Energi, PKA (Maj Invest), Siemens Financial Services, ABB, and Nysnø guaranteed the private placement.
"Norway is well-positioned to remain a leading energy provider after the green energy transition. Thus, Morrow has unique advantages in building a profitable battery company with solid returns, access to clean, renewable power, high industrial expertise, and a world-leading technology environment. However, building a strategic and competitive new industry is capital-intensive and will not succeed without public-private collaboration. The company continues to pursue additional funding from investors and public sources," says Liv Monica Stubholt, chair of the board of Morrow Batteries.
"Our business endeavour has already generated positive ripple effects on a local, national, and European scale. We are approaching start-up of production early next year, an important milestone on our path to becoming a full-scale manufacturer of the world's most sustainable batteries," says Bacher.
Morrow Batteries ASA (Morrow) is an industrial battery technology company on a mission to develop and deliver next-generation batteries with cathode material (LNMO). These batteries replace cobalt, reduce nickel and lithium, and maximise the use of clean and abundant manganese. Founded in 2020 and headquartered in Arendal, Norway, the company has 150 battery specialists across four international offices. Learn more at morrowbatteries.com and @MorrowBatteries on LinkedIn.